本研究以台灣公開發行的壽險公司為樣本，檢視董事會特性與股權結構對經營效率的影響，並利用資料包絡分析法(data envelopment analysis, DEA)衡量壽險業的經營效率。有鑑於投資收益對壽險業經營績效的重要性，本研究評估效率值時，在投入項除考慮勞力及資本外，特別加入資金運用金額，同時在產出項則納入保費收入及投資淨收益。研究結果發現，董監持股比率與效率值存在顯著的正向關係，符合「利益收斂假說」；CEO雙重性與公司經營效率亦呈顯著的正向關係；董事會規模與效率值則呈顯著負相關。此外，家族控制與非家族控制的樣本，在效率值、董事會特性及股權結構等變數，均呈現顯著差異。 This study examines the effect of board characteristics and ownership structure on the operational efficiency of public life insurers in Taiwan. Data envelopment analysis (DEA) is employed to evaluate operational efficiency of sample firms. Since the merit of investment plays an important role of insurers' performance, we adopt total amount of capital investment, labor, and equity as input variables. In the same token, we also consider net investment income and premium income as output variables. Our empirical results show that there is a positive relation between board/supervisor ownership and efficiency measures, which is in accordance with the convergence-of-interest hypothesis. CEO duality is positively related to efficiency measures. Besides, we find that larger board size may reduce the efficiency of decision-making. Notably, there are significant differences between family-controlled and non family-controlled firms in efficiency measures, board characteristics, and ownership structure.